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St Paul’s office in multimillion sell-off deal

Posted by Trevor
November 15, 2014 in Office Design & Fit Out

An office development close to the iconic St Paul’s Cathedral in London has been sold to the Fubon Life Insurance Company.

The deal, which has been valued by industry reports at £138.8m and is due for completion by January 2015, encompasses over 129,000 sq ft of prime office space in the heart of the country’s economic centre.

Once completed, the deal will represent a major profit for LondonMetric Property, who bought One Carter Lane, London EC4 in 2011 for £75m. Having now completed a £15m refurbishment and  office fit out  office fit out at the site, the majority of the  office flooring  office flooring area has now been rented.

Discussing the deal, the chief executive of LondonMetric, Andrew Jones, said:

“Carter Lane is a prime office development which has benefited strongly from market and asset management driven valuation growth…”

A modern office upgrade, the total office floor space that has already been let out since the works were completed equates to just around 73%. The current tenants in situ are MFS and SEB, with both clients likely to have had significant input on their own office design.

It is understood that negotiations with a third and final tenant are already at an advanced. Once signed off, 100% tenancy will have been achieved, with the party understood to take leasehold out on the final two floors.

The final ratification of the site’s handover to Fubon Life is subject to regulatory approval being granted, with LondonMetric already in receipt of a non-refundable £6.94m deposit.

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